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Tuesday, 19 April 2016

Genomics market is estimated to reach USD 22.1 billion by 2020

The global genomics market is estimated to reach USD 22.1 billion by 2020, growing at an expected CAGR of 10.3% from 2014 to 2020. Genomics is a subunit of biology that is concerned with the study of genes and its functions and brings together the function and structure of genomes. Genomics is applied in several fields such as biotechnology, genomic medicine, anthropology, and various other social sciences. It consists of functional genomics, comparative genomics, pharmacogenomics, structural genomics, and epigenomics.

The global genomics market has undergone an increase in its market potential due to technological developments. Adding to it, factors including growing prevalence of fetal disorders such as diabetes and cancer, an increase in partial or full compensation by the government of certain countries add to the market’s growth across the globe.

In 2013, genomics-based diagnostics held the largest share of market revenue at over 35% on account of the occurrence of a considerably larger number of research & development initiatives. However, genomics-based personalized medicine segment is projected to have the highest growth rate, at an anticipated CAGR of over 12%, from 2014 to 2020. The high growth rate of the segment is on account of the growing demand for population-based therapeutic solutions and consequent increase in R&D initiatives.

Consumable led the global genomics market share at over 50% in 2013. This is on account of rising adoption rate of genomic testing for several applications, particularly in the field of drug development and discovery. The consumables segment is also expected to lead the market with the fastest growth rate over the forecast period owing to increasing applications and reduced costs of consumables.

In 2013, PCR technology had the largest market share of over 45% owing to technological developments and involvement of government policies about funding of research & development. Nucleic acid extraction and purification technology are expected to witness the highest growth rate, at a projected CAGR of 10.1%, from 2014 to 2020 on account of developing technologies for genome profiling and growing methods for new diagnostics tools and techniques.

North America was the major regional market, generating over 35% of the total revenue of the global genomics market. This was on account of various reasons such as high patient awareness levels, the presence of sophisticated infrastructure of healthcare. Asia Pacific is likely to be the highest growing region, at a projected CAGR of 12.7% over the next six years. The presence of large unmet medical needs and the increasing demand for economical clinical outsourcing in the emerging nations of China and India is anticipated to drive the high growth rate.